Among the lowest-ranked cryptocurrency exchanges are sites like LocalBitcoins and Buddha. According to CryptoCompare, the volume of these platforms was about USD 275 billion.
Those cryptocurrency exchanges regarded as the lowest-ranking have gained about 6% of the global volume of exchange of cryptocurrencies compared to better-positioned platforms, according to the assessment by the firm CryptoCompare.
In its most recent report for the last quarter of 2019, CryptoCompare places 73% of the global exchange in this type of cryptocurrency exchange. These are platforms whose rating is between C and E, that is, the lowest-ranked platforms on its list. The report notes that, for the previous quarter, these cryptocurrency exchange sites, among which are platforms like LocalBitcoins or Buddha, moved about 67% of the global volume.
Besides, during the last quarter of last year, cryptocurrency exchanges whose rating was between AA to B handled the remaining 27% of the global volume of exchange in the cryptocurrency market, according to the document. It is worth noting that these markets had moved one-third of the global volume in the penultimate quarter. The firm lists a total of 48 cryptocurrency exchanges located within that range, considered to be that of elite sites.
The assessment described by CryptoCompare is based on a scoring system that considers security, legal status, investments, management, provision of data, monitoring of exchange activities and market quality.
According to data from CryptoCompare, cryptocurrency exchanges whose rating ranges between AA and B moved a little more than USD 100 billion. The rest had a volume of more than USD 275 billion, according to the report.
In the same way, Cryptocurrency exchanges with a C rating, that is, those that meet half of the rating applied in the report moved more than half of the total volume, with about USD 203 billion traded. In percentage terms, the incidence of these markets is 53%.
New Cryptocurrency Exchanges in First Ranking Place
The report also reflects several changes in the ranking of cryptocurrency exchanges. Among them is the emergence of itBit, based in Singapore, which holds the number 1 position. This site, which belongs to the company Paxos Trust, scored 77.5 points out of 100 possible, according to the CryptoCompare index.
Along with this cryptocurrency exchange site, only Gemini and Coinbase are rated with AA. The top 10 in the ranking is completed by Kraken, Bitstamp, Liquid, Bitfinex, OKEx, bitFlyer, and OKCoin, the last of which was among the first ahead of Luno and Binance.
The list presented by CryptoCompare in its report also highlights changes by two other sites. Poloniex fell from the 10th position losing a total of 9 places on the list, while Huobi Korea climbed 19 places to reach 22.
It should be added that a recent report submitted by the analytics company Glassnode indicated that Bitcoin deposits at cryptocurrency exchanges during 2019 decreased by up to 60%. In that way, weekly averages and daily deposits at the beginning of January reached their lowest point since November 2016, as detailed in the study.
By Alexander Salazar